Global Power Bank Market to Garner $44,424 Million, by 2022

Power Bank Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $44,424 million by 2022, registering a CAGR of 15.4% during the period 2016-2022. This is attributed to the increase in demand & usage of mobile phone power banks as well as introduction of low-priced & advanced charging power banks. Asia-Pacific is expected to be the largest market during the forecast period.

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By product type, portable power bank industry holds the highest market share and solar power bank is the fastest-growing sub-segment. Since many countries in LAMEA, including Ghana, Uganda, and others have weak power grids, a rapid increase in the adoption of solar power banks is anticipated.

In the battery-type segment, it is anticipated that lithium ion battery would dominate the battery power bank market compared to the lithium polymer owing to higher energy density and higher cost-to-energy ratio. However, the lithium-polymer batteries are expected to have a faster growth rate than the traditional lithium ion batteries during the forecast period owing to more flexible form factor, lighter weight, and better safety as compared to lithium-ion batteries.

"Asia-Pacific is the most lucrative region for power bank market owing to the increase in manufacturing activities of power banks in countries such as China and Japan. Moreover, Asia-Pacific is a hub of several lithium battery manufacturers,"

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LAMEA is estimated to be the fastest growing region due to an increase in the number of smartphone users coupled with a weak power grid in this region.

Key Findings of Power Bank Market:

• Portable power banks are expected to exhibit a significant growth in the power bank market due to the increase in adoption of these devices among tourists.
• Lithium-ion batteries generated more revenue pertaining to its cheaper price as compared to lithium-polymer batteries.
• Asia-Pacific is projected to exhibit a substantial growth during the forecast period in the power bank market.
• Many power bank industry players focus on product launch strategy and offer innovative products to improve their power bank market share.

The power bank market comprises dominant players such as Microsoft Corporation, Panasonic Corporation, Sony Corporation, and others that focus on product launch, R&D, and expansion as their key strategies to strengthen their position in the market.

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